# How much is your mortgage payment?

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#### akshatp

##### Diamond Member
Originally posted by: KMc
Originally posted by: akshatp
Originally posted by: jdoggg12
Originally posted by: akshatp
Originally posted by: jdoggg12
Dang! Are you guys all on interest only or somethin??

Nope.

4500*120 = 540k

So you're only paying 35k in interest and property taxes over 10 years? I don't understand how you're doing that if your actual loan was 505k

Hmmm you know, you are right. That doesnt make sense.. I just pulled it up online and looked at my year end 2006 tax/interest statement and that alone was over \$35k

MORTGAGE 00568xxxxx
Property taxes paid in 2006 \$13,481.59
Interest paid in 2006 \$23,700.86

And I made a typo above, its actually 5.5% which makes it even worse
http://pics.bbzzdd.com/users/akshatp/mortgage.JPG

You might want to check your mortgage terms again, because these numbers sound more like a 20 year note.

\$13,481.59 in taxes is roughly \$1123 per month, meaning your principal and interest payment is about \$4500-\$1123=\$3377.

The payment on a \$505,000 mortgage @ 5.5% for 20 years is \$3,474, which is within \$100 bucks of your number. A 10 year note would result in a payment of \$5,426.

It is a 20 yr note. I dont know what I was thinking last night. I must have been really really tired.

#### Dulanic

##### Diamond Member
30year 5.5% \$1543 plus \$150 HOA also.

#### TheSiege

##### Diamond Member
80/20 loan at 30 years

\$860 a month for first loan 124k @ 6.38%
\$140 for second loan 16k @ 6.5%

I plan to have it paid off within 10 years

#### Eos

##### Diamond Member
7 months into some kind of 10/20 year fixed interest only thing, then it goes up \$370 dollars for the last 20 years.

Mortgage is \$191k, payment is \$1378 which includes (for right now) interest and taxes at about \$220 per month. Will go to \$1750 in 9.5 years.

Insurance is \$36 per month. Yes, homeowners insurance for \$36.

We'll be changing to a regular mortgage when I switch jobs and the timing is right.

EDIT: southeast Washington state.

#### alkemyst

##### No Lifer
I wish I could have kept my first house. It was a good rate at the time 7.25%...a great 3/2 with 2 car garage and enclosed pool on 1/2 acre backing to water. Nice neighbors and I fully restored it. My payment was \$800 (current is \$2200 and half the house 10 years later). Principal was only \$118k. Same house today is selling at \$350k-450k in that neighborhood.

#### Chaotic42

##### Lifer
Originally posted by: sdifox
Originally posted by: Chaotic42
What the hell are you people doing that you can afford \$4K per month for a mortgage? Holy Christ.

dual income ftw

I'd have to marry up!

#### thomsbrain

##### Lifer

i can tell you don't live in CA.

as for what i mean, \$4000 is starters for a single-family home around here. want something decent in a safe neighborhood? bring \$6000 a month. even a crummy townhome will run you \$2500 a month.

#### rh71

##### No Lifer
\$2150/mo.
\$260k loan @ 5.875%, no PMI (put down 20%).

Dual income is great but can't yet afford a \$4k mortgage and still spend on other things, like some people here.

#### rh71

##### No Lifer
Originally posted by: thomsbrain

i can tell you don't live in CA.

as for what i mean, \$4000 is starters for a single-family home around here. want something decent in a safe neighborhood? bring \$6000 a month. even a crummy townhome will run you \$2500 a month.

Are you saying 3br / 1-2bath starter homes cost \$700k in CA and near 1mil in a safe neighborhood ?

#### GoingUp

##### Lifer
\$817

about \$1155 if you include property taxes and association dues.

5.75% 10 year arm.

##### Diamond Member
5.4% fixed for 30 years no points.
< 1000 including taxes and insurance escrow

#### Vasp

##### Diamond Member
6.25% fixed for 30 years no points.
3100 Ist Mtg
675 Second mtg @7.75 fixed for 15 years no points

all inclusive of escrow, insurance etc

#### Chaotic42

##### Lifer
Originally posted by: thomsbrain

i can tell you don't live in CA.

as for what i mean, \$4000 is starters for a single-family home around here. want something decent in a safe neighborhood? bring \$6000 a month. even a crummy townhome will run you \$2500 a month.

It's not too inaccurate for the rest of the country. Of course in those parts of CA, people are making four times what everyone else is making.

#### GasX

##### Lifer
I have a pretty large mortgate but the kicker is my tax bill which DOUBLES the payment.

~\$2,000/mo.